Account statuses

Every Swan account moves through the following statuses over its lifetime.

Statuses

OpenedOpen and usable.

⇄

SuspendedTemporarily unusable.

→

ClosingIrreversible wind-down.

→

ClosedFinal; read-only for 1 year.

Status	Explanation
Opened	Account is open and can be used. Next steps: If there's suspicion of fraud, Swan can suspend the account and the status moves to Suspended. If account closure begins, the status moves to Closing.
Suspended	Swan can suspend an account if there's suspicion of fraud. While suspended, the account can't be used. This results in the following events: 1. All card payments are Rejected. 2. SEPA Credit Transfers:      ◦ Incoming Credit Transfers are accepted.      ◦ Outgoing Credit Transfers are Rejected. 3. SEPA Direct Debits (SDD):      ◦ Incoming SDDs are Booked.      ◦ Outgoing SDDs are Rejected or returned on the scheduled date. 4. Funds available in the account can't be used while Swan reviews the suspension. 5. Some previously authorized transactions are Booked. 6. For merchant accounts: received French check payments are returned. Next steps: If Swan's review lifts the suspension, the status returns to Opened. If account closure begins, the status moves to Closing.
Closing	While an account is closing, the following events occur: All cards are instantly canceled. All virtual IBANs are instantly canceled. All standing orders are instantly canceled. Incoming SEPA Credit Transfers are automatically returned. All payment mandates for incoming SEPA Direct Debits are canceled, and any attempted incoming SEPA Direct Debit is rejected. Your users must cancel all outgoing SEPA Direct Debits. Swan has no control over those payment mandates. The account status remains Closing until: The Booked balance is zero.∗ The last incoming SEPA Credit Transfer happened more than 30 days ago. The last outgoing SEPA Credit Transfer happened more than 5 days ago. Next steps: When all three conditions are met, the status moves to Closed.
Closed	For all Closed accounts, access and account statements remain available for one year through the API or with Swan's Web Banking interface.

Remaining funds in Closing account ∗

As long as the Booked balance doesn't equal zero:

1. The account status can't pass from Closing to Closed.
2. The account holder can still log into their Swan Web Banking interface.
3. The account holder can send SEPA Credit Transfers.

If funds remain in a Closing account after 10 years, Swan transfers the funds to France's Caisse des dépôts et consignations (Deposits and Consignments Fund).